Disney has confirmed new Star Wars movies after buying Lucasfilm in a multi-billion dollar deal.

The Walt Disney Company announced that it has agreed to acquire the George Lucas-founded firm for $4.05 billion (Â£2.5bn) in cash and stock.

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Disney has now confirmed that Star Wars Episode 7 is targeted for release in 2015.

Walt Disney chairman and CEO Bob Iger added in a shareholder conference call that the studio also plans to release Episodes 8 and 9, explaining: "Our long-term plan is to release a new Star Wars feature film every two to three years."

Kathleen Kennedy, current co-chair of Lucasfilm, will become Lucasfilm's president as part of the deal.

Watch George Lucas discuss the future of Star Wars below:

In a statement, Lucas said: "For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next. It's now time for me to pass Star Wars on to a new generation of filmmakers.

"I've always believed that Star Wars could live beyond me, and I thought it was important to set up the transition during my lifetime. I'm confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organization, Star Wars will certainly live on and flourish for many generations to come.